Kuwait

Kuwait has a geographically small, but wealthy, relatively open economy with self-reported crude oil reserves of about 102 billion barrels - about 9% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. The rise in global oil prices throughout 2010 is reviving government consumption and economic growth as Kuwait experiences a 20% increase in government budget revenue. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. Nonetheless, the government in May 2010 passed a privatization bill that allows the government to sell assets to private investors, and in January passed an economic development plan that pledges to spend up to $130 billion in five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy. Increasing government expenditures by so large an amount during the planned time frame may be difficult to accomplish.

Central bank

Central Bank of Kuwait

International Reserves

US$ 24.805 billion (Source: World Bank; Data updated: November 2010)

Gross Domestic Product - GDP

US$ 172.778 billion (2009 estimate)

GDP (Purchasing Power Parity)

145.292 billion of International dollars (2009 estimate)

Real GDP growth

2000

2001

2002

2003

2004

2005

2006

2007

0.1%

0.7%

2.8%

17.4%

11.2%

10.4%

5.3%

4.5%

2008

2009

2010

2011*

5.5%

-5.2%

2%

5.3%

*Estimate

GDP per capita - current prices

US$ 46,970 (2009 estimate)

GDP per capita - PPP

$39,498 International Dollars (2009 estimate)

GDP (PPP) - share of world total

1980

1990

2000

2010

2015**

0.31%

0.17%

0.17%

0.19%

0.19%

**Forecast

GDP - composition by sector

●agriculture: 0.3%

●industry: 48.2%

●services: 51.5% (2009 estimate)

●(Data released on November 2010)

Gross domestic expenditure on R&D (% of GDP)

N/A

(Data released on November 2010)

Inflation

2008

2009

2010

2011*

10.6%

4%

4.1%

6.1%

*Estimate

Unemployment rate

2008

2009

2010

2011*

1.7%

1.6%

1.6%

1.6%

*Estimate

Household saving rates

N/A

(Data released on November 2010)

Public debt (General government gross debt as a % of GDP)

2007

2008

2009

2010

2011*

11.5%

10%

12.9%

10.5%

8%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)